Bullish Surges 62 on IPO as Crypto Market Gains Institutional Momentum

Bullish, the digital asset trading platform and parent company of CoinDesk, made its public market debut on the New York Stock Exchange on August 13, 2025, under the ticker symbol BLSH. The company priced its initial public offering (IPO) at $37 per share, exceeding its initial range and raising $1.11 billion in capital. This valuation of approximately $5.4 billion reflects significant investor confidence in the firm, with demand for the offering reportedly more than 20 times oversubscribed [1].

The IPO marks one of the few recent U.S. stock offerings by a cryptocurrency exchange operator. Bullish follows in the footsteps of Coinbase, the first major crypto platform to list on a U.S. exchange. The firm was founded by former NYSE president Tom Farley and has drawn backing from influential figures such as billionaire investor Peter Thiel. Its business model includes spot, futures, and derivatives trading for digital assets, alongside its media division, CoinDesk, which provides coverage of blockchain and cryptocurrency news [2].

Institutional support for the offering was robust, with BlackRock and ARK Invest committing to purchase up to $200 million of newly issued shares. This participation from major asset managers highlights the growing acceptance of blockchain-related equities and underscores institutional confidence in Bullish’s long-term potential [3].

Despite ongoing volatility in the broader cryptocurrency market, the IPO has been met with strong investor interest. The offering was led by JPMorgan, Jefferies, and Citigroup, with the latter two also underwriting the deal. Analysts note that Bullish’s public debut aligns with a broader rebound in U.S. IPO activity, with companies like Circle and Figma delivering strong performance in their initial market offerings [4].

The regulatory environment has also contributed to the favorable reception of the IPO. Recent legislation, signed by President Donald Trump, has established a legal framework for dollar-backed stablecoins, which is seen as a positive development for crypto-related stocks. This regulatory clarity has encouraged greater institutional participation and public market engagement in blockchain-based businesses [5].

Shares of Bullish were reported to open nearly 62% above the IPO price, signaling a potentially strong start to its public market journey. If the momentum continues, the firm’s performance could serve as a benchmark for other blockchain companies considering public listings in 2025 [6].